Joint Press Release

Board of Governors of the Federal Reserve SystemNew York State Banking Department

For immediate release

May 20, 2009

The Federal Reserve Board and the New York State Banking Department on Wednesday announced the execution of a Written Agreement by and among Philippine National Bank, Pasay City, Philippines; the bank’s branch in New York, New York; the Federal Reserve Bank of San Francisco; the Federal Reserve Bank of New York; and the New York State Banking Department.

The Written Agreement addresses weaknesses in operational risk controls and Bank Secrecy Act and anti-money-laundering compliance policies and practices at Philippine National Bank’s New York branch.